Richard Teng, Binance CEO: 2023 was the year to embrace change; we remain devoted to users

In 2023, we not only maintained our position as a robust company and a leader in the world’s most dynamic industry – we dared to embrace change and became stronger. Much of our historical issues in the US are resolved because we have reached agreements with the regulatory agencies there. Binance has the culture, talent and experience to become a truly compliance-oriented organization, in addition to being user-focused, structured and poised to lead the digital asset industry into its new era.

Tangible trust

The last few weeks have shown that these are not just words and that our users trust us and our vision for the future. Following the announcement of the US deals and the Binance leadership change, net inflows were very robust as new users continued to sign up steadily.

By the end of December, we passed the 170 million registered users mark, which is a 30% increase over last year. Actions speak louder than words, and your tangible support is extremely important to us as we open a new chapter. Importantly, we have seen particularly strong growth in inflows coming from institutional investors.

I think this is fantastic news as it suggests that institutional confidence in Binance and the wider Web3 ecosystem is growing stronger at a time when institutional participation, along with clear regulation, is critical to the mass adoption of digital assets. This year, we’ve already introduced exciting innovations – for example, the ground-breaking Tripartite Banking Agreement – that deliver unrivaled value to this important customer category, and we’ve got more in store for next year.

Web3 route marking

Our most important commitment, as always, remains to our users. No change in company leadership or management can alter this fundamental building block of Binance’s DNA: the desire to develop and deliver products that improve people’s lives. Responding to and anticipating user needs has led us to participate in (and often set) some of the key trends shaping the digital asset space in 2023.

Responding to the growing demand for more secure and accessible gateways in the Web3 world, we launched our Web3 Wallet, which became an instant hit with users. In response to the trend towards a more immersive social experience on the Web3, we restructured Binance Square, which grew its user base and number of active creators this year, and introduced social copy trading functionality.

In 2023, Binance saw significant growth in our key services related to crypto payments, P2P trading and earnings, making steady progress on the path to mass adoption of digital assets. The number of active Binance Pay users increased by 20%; Binance’s P2P platform served 39% more users; Binance Earn has helped 35% more people put their cryptocurrencies to work. For a comprehensive overview of the numbers and values that describe Binance’s performance in 2023, you can read our year-end report.

Above all, we have remained and will always remain focused on the security of users and their funds. From cooperating with law enforcement authorities worldwide to combat criminal activity in the digital asset space to conducting user education campaigns, from maintaining our SAFU fund (worth $1.2 billion at year-end) to expanding coverage of our proof-of-reserve system – the security and transparency of your funds is Binance’s top priority.

Plans for the future

We have many reasons to start the new year in good spirits. Binance begins its new chapter in a strong financial position, and we enjoy the trust of our amazing and rapidly expanding global community. This organization is built to last – not years, but decades. Of course, building the future of finance and improving money freedom globally is a long and arduous road, but we are prepared for the careful, iterative, and progressive effort it requires. With the steadfast support of the Binance community, we’ve proven that there are no challenges we can’t overcome.

As we move forward, we will balance our commitment to three key groups. First, our most important stakeholders: our users. Second, global regulators, who will play an increasingly important role in shaping the future of our industry and its ability to realize the tremendous potential of blockchain and digital assets. Finally, we will place a strong emphasis on forming and maintaining industry partnerships – we are all in the same boat, and building a stronger ecosystem is best achieved by coordinating our efforts and cooperating.

photo credits: https://www.binance.com/